Treasurer Cahill and Katherine Craven Attend a Groundbreaking Ceremony for the Wellington Elementary School in Belmont

June 8, 2010

State Treasurer Tim Cahill, Chairman of the Board of Directors of the Massachusetts School Building Authority (“MSBA”), and MSBA Executive Director Katherine Craven were in Belmont today for a groundbreaking ceremony for the new 88,000 square foot Roger Wellington Elementary School. The MSBA will be funding 40% of the project.

“I am pleased to be here to help break ground for the new Wellington Elementary. This new school will mean a 21st century learning facility for the children of Belmont. Along the way it will also create well-paying, highly skilled jobs, which are tough to find in the current economy,” said State Treasurer Tim Cahill, Chairman of the MSBA.
 
“This project will mean a better learning and teaching environment for the children and teachers of Belmont and is another example of the commitment, collaboration and the partnership the MSBA has with districts,” said Katherine Craven, MSBA Executive Director.
 
The MSBA is collaborating with municipalities to equitably invest up to $2.5 billion in schools across the Commonwealth by finding the right-sized, most fiscally responsible and educationally appropriate solutions to create safe and sound learning environments. The MSBA is committed to protecting the taxpayer’s dollar by improving the school building grant process and avoiding the mistakes of the past in the funding and construction of school facilities. 

In 2007, as a result of programmatic reforms and sound fiscal management, the MSBA was able to reopen a sustainable, reformed grant program. In its five year history, the MSBA has made approximately $7 billion in reimbursements to cities, towns and regional school districts for school construction projects. These timely payments have saved municipalities over $2.9 billion in avoided local interest costs and have provided much needed cash flow to communities in these difficult economic times.